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Dec 10, 2012
12/12
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and stocks are higher as fiscal cliff song and dance continues in washington. mr. boehner says he is waiting for a proposal from this gentleman, the president. president obama. and the president is set to speak about the cliff and the a economy later today. >> i thought i was supposed to come here today. you thought you were supposed to come here today. so we are both here. not really, folks. a lot of talk today is about what investors should do if we go over the cliff. what should we do if there is a debt deal before year-end or shortly thereafter. we have smart strategies and individual stock picks for you this hour. >> that's right. well also take a look at another side of google that you very rarely hear about. the internet giant stashing billions in tax shelters to avoid paying taxes. is that fair play or outrageous corporate behavior? especially in this climate. well talk about that. but first, markets are generally higher. dow jones industrial average up 29 points on the day. nasdaq is up 7. and s&p 500 up about 1 1/2. >> they've been that way about the last
and stocks are higher as fiscal cliff song and dance continues in washington. mr. boehner says he is waiting for a proposal from this gentleman, the president. president obama. and the president is set to speak about the cliff and the a economy later today. >> i thought i was supposed to come here today. you thought you were supposed to come here today. so we are both here. not really, folks. a lot of talk today is about what investors should do if we go over the cliff. what should we do...
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Dec 18, 2012
12/12
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we have 13 days until america goes off the fiscal cliff. events moving faster in washington. house speaking boehner meeting with party members, moving to plan b. that deals with bush era tax cuts. the white house rejected that. investors like whatever progress we're seeing. s&p 500 at a two-month high. s&p up 1 1/3 -- 1.1 on s&p, dow jones industrial average up 114 points, almost a full% enand nasdaq up 1 1/3. the latest on how those negotiations are progressing. >> over the last 24 hours or so we've had a flurry of proposals, counter proposals, responses, responses to responses. as it lies right now, basically all those responses have been rejected by the other side. at the top of 2:00, we should have a new round because we're going to expect to hear from the senate democratic and republican leaders coming out and talking to cameras. we might get more reaction then. but earlier today speaker boehner came out and unveiled the big one, a two-track plan that would have the house vote on what he's calling plan b. take a listen to his rational for going that route. >> at this poi
we have 13 days until america goes off the fiscal cliff. events moving faster in washington. house speaking boehner meeting with party members, moving to plan b. that deals with bush era tax cuts. the white house rejected that. investors like whatever progress we're seeing. s&p 500 at a two-month high. s&p up 1 1/3 -- 1.1 on s&p, dow jones industrial average up 114 points, almost a full% enand nasdaq up 1 1/3. the latest on how those negotiations are progressing. >> over the...
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Dec 13, 2012
12/12
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how will washington break the fiscal cliff stalemate? if they do, joining us from capitol hill, maxine waters, democrat from california. soon to be the ranking member of the house committee on fanl services. she will be succeeding representative barney frank as ranking member there as he retires. ms. waters, good to have you with us. >> thank you. delighted. >> i with a just asking aemon if he thought that tenor of the negotiations darkened over the last 48 hours with regard to the fiscal cliff. do you agree with that? >> i don't know. but i do know we haven't made any progress. from time to time, we've heard encouraging words but then the next day when it is time to report out what happened, nothing has happened. it does not appear that there have been any changeets, any progress has been made. so, as is being said, a moment ago. members of congress are prepared to be here during christmas holidays if we have to. >> when members go home for the weekend, back to their district, many traveling at taxpayer expense during this kind of envir
how will washington break the fiscal cliff stalemate? if they do, joining us from capitol hill, maxine waters, democrat from california. soon to be the ranking member of the house committee on fanl services. she will be succeeding representative barney frank as ranking member there as he retires. ms. waters, good to have you with us. >> thank you. delighted. >> i with a just asking aemon if he thought that tenor of the negotiations darkened over the last 48 hours with regard to the...
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Nov 27, 2012
11/12
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. >>> meanwhile, 34 days to the fiscal cliff. will a deal be done in time? today, president obama meets with small business leaders to make his case for the possibility of higher taxes ahead. our washington correspondent, john harwood, is here with the very latest. hi, john. >> reporter: hi, tyler. you know, everybody is staking out public positions and trying to drive public opinion their way. the president's been doing that all week. he is doing that with his meeting at 2:30 this afternoon with small business leaders from around the country. he is later going to travel to pennsylvania to make his case publicly, part of what he is saying is that if you adopt his plan on the extension of the bush tax cuts that is for the middle class and not for people at the top that almost every small business owner is going to get a tax cut as a result of that. and republicans are staking out their own position that tax revenue can go up but not tax rates. once they get into the room and the hard bargaining which of the positions ultimately falls away. the signs remain po
. >>> meanwhile, 34 days to the fiscal cliff. will a deal be done in time? today, president obama meets with small business leaders to make his case for the possibility of higher taxes ahead. our washington correspondent, john harwood, is here with the very latest. hi, john. >> reporter: hi, tyler. you know, everybody is staking out public positions and trying to drive public opinion their way. the president's been doing that all week. he is doing that with his meeting at 2:30...
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Sep 19, 2012
09/12
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i think the huge take-away catchphrase, the fiscal cliff is not y2k. washington is not as well prepared. y2k was a non-event to us because we spent three, four years putting tech budgets in place to make sure we bridge it. intermediate concern in the next two months markets have the assumption we will fight but resolve. i do think we'll resolve it but depending on how the elections play in november and the likely fact we'll have a divided congress -- which i think is more important in this election than the presidential seat in rotation, means we'll have a fight again. moody's threatening a downgrade from the aaa. the s&p's done it. but in the construct of all that noise we look at an opportunity to buying into risk assets, not selling. >> we'll talk more when you return in a little bit. >>> two key numbers on housing out today. diana olick follows that beat and she has them both live for us in washington. >> that's right, sue. home sales and new constructions both in the positive in august leading realtors to say that this housing recovery is becoming
i think the huge take-away catchphrase, the fiscal cliff is not y2k. washington is not as well prepared. y2k was a non-event to us because we spent three, four years putting tech budgets in place to make sure we bridge it. intermediate concern in the next two months markets have the assumption we will fight but resolve. i do think we'll resolve it but depending on how the elections play in november and the likely fact we'll have a divided congress -- which i think is more important in this...
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Sep 24, 2012
09/12
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. >> when they designed the fiscal cliff last year, lawmakers here in washington design it had to be so awful and terrible and bad that nobody in their right mind would want to go over it. well, it won't surprise you, or maybe it will, to learn that here in washington some folks are reconsidering that and thinking about the political advantages that could come to going over the fiscal cliff early in the next year. that increase in taxes and decrease of spending might give political advantage to one party or the other. let me run through some of the scenarios by which they are thinking about this, starting with grover norquist. he's the anti-tax crusader who has gotten a lot of republicans to agree to a no new tax increase pledge. if you go over the fiscal cliff, that would allow republicans to vote for a retroactive decrease in taxes that would get you past grover norquist's pledge because they would not have voted to increase taxes, even though taxes would end up higher after than before, if you can follow that logic. also, using the market turmoil to negotiate, that gives you lever
. >> when they designed the fiscal cliff last year, lawmakers here in washington design it had to be so awful and terrible and bad that nobody in their right mind would want to go over it. well, it won't surprise you, or maybe it will, to learn that here in washington some folks are reconsidering that and thinking about the political advantages that could come to going over the fiscal cliff early in the next year. that increase in taxes and decrease of spending might give political...
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Nov 8, 2012
11/12
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. >>> there are 53 days until the united states takes a tumble off the fiscal cliff. it will trigger tax hikes and big budget cuts. if washington is going to rise above the partisanship, now is the time to make the move. eamon javers is live in washington looking at the ratings agencies and whether there is reason to fear a cut from that. >> yeah, tyler. there's been a lot of talk recently about what rat ratings agencies going do, is there another downgrade of u.s. debt looming here and what would that do to financial markets. i want to sort of tell you a little bit about why you might be able to stop worrying and start to love these ratings agencies. the reason is the timeline of any downgrade that might come down the pike. starting with moody's. they're saying their rating on u.s. debt is likely to be maintained until the outlook of negotiations is clear. now fitch, they're likely to review their rating of u.s. debt in late 2013. late 2013. standard & poors poor's is saying it is a 1 in 3 chance of a downgrade over the coming two years. what do the ratings agencies
. >>> there are 53 days until the united states takes a tumble off the fiscal cliff. it will trigger tax hikes and big budget cuts. if washington is going to rise above the partisanship, now is the time to make the move. eamon javers is live in washington looking at the ratings agencies and whether there is reason to fear a cut from that. >> yeah, tyler. there's been a lot of talk recently about what rat ratings agencies going do, is there another downgrade of u.s. debt looming...
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Nov 7, 2012
11/12
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now the major event for business in washington is avoiding that fiscal cliff. we are going to try very hard to get a republican and a democrat on the same page in a bid to solve the problem before thousands of americans start losing their jobs. that is next. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest tdd#: 1-800-345-2550 operating expenses tdd#: 1-800-345-2550 in their respective tdd#: 1-800-345-2550 lipper categories. tdd#: 1-800-345-2550 lower than spdr tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and even lower than vanguard. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that means with schwab, tdd#: 1-800-345-2550 your portfolio has tdd#: 1-800-345-2550 a better chance to grow. tdd#: 1-800-345-2550 and you can trade all our etfs online, tdd#: 1-800-345-2550 commission-free, from your schwab account. tdd#: 1-800-345-2550 tdd#: 1-80
now the major event for business in washington is avoiding that fiscal cliff. we are going to try very hard to get a republican and a democrat on the same page in a bid to solve the problem before thousands of americans start losing their jobs. that is next. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#:...
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Dec 7, 2012
12/12
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it is important not just for the fiscal cliff. i think the country and actually the world is looking at washington saying can these guys work together in a collaborative bipartisan way to deal with fiscal issues, our entrepreneurship issues, we have to start building that bipartisan support. congress did come together, republicans and democrats, house and senate with support of the white house to pass the jobs act around access to capital for entrepreneurs so we have some example of that. hopefully that momentum will continue not just on the fiscal cliff in the coming weeks but issues like the start-up act 2.0 in the coming months. >> gentlemen, look good. steve and scott, come back and let us know how it went in cowboy stadium. >>> google plans to start charging small businesses for its free services like e-mail and google docs. will consumers like you be next? >>> and from 50 stradz of grshaf gray to 5,000 shades of green. employees at random house getting a big stocking stuffer this season. we'll explain. ears, ameriprise finan
it is important not just for the fiscal cliff. i think the country and actually the world is looking at washington saying can these guys work together in a collaborative bipartisan way to deal with fiscal issues, our entrepreneurship issues, we have to start building that bipartisan support. congress did come together, republicans and democrats, house and senate with support of the white house to pass the jobs act around access to capital for entrepreneurs so we have some example of that....
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Oct 26, 2012
10/12
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to basically reach across the aisle, make a deal and avoid the fiscal cliff. how big a concern is it to your company and also to the companies that you invest in? >> well, certainly we are concerned. we're all looking forward to the end of this election cycle. quite a bit of advertising in our markets, as you know. >> yes. i'm sure you're ready for this election. >> we haven't seen a commercial other than a political one in some time. however, small pis today is more concerned -- less about big policy issues in washington and more concerned about their business, whether they can be competitive, do they have capital to be competitive, and certainly that's first and foremost to small business today. >> mr. rosen, thank you for joining us. pleasure to speak with you. >>> let's go over to seema mody with a "market flash" for us. >> i got my eye on some of the newspaper names. "new york times" losing 22% over the past three days after reporting disappointing earnings due to weak ad sales. that seems to be weighing on some of the other newspaper names. take a look a
to basically reach across the aisle, make a deal and avoid the fiscal cliff. how big a concern is it to your company and also to the companies that you invest in? >> well, certainly we are concerned. we're all looking forward to the end of this election cycle. quite a bit of advertising in our markets, as you know. >> yes. i'm sure you're ready for this election. >> we haven't seen a commercial other than a political one in some time. however, small pis today is more concerned...
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Dec 5, 2012
12/12
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. >>> to washington now. the soap opera we call the fiscal cliff. before we get to our chief washington john harwood and the president is meeting with another grouch ceos, i need to start with eamon javers on capitol hill where lawmakers are skipping down early for a long weekend. eamon, wasn't thanksgiving just a couple weeks ago? >> it was. let me check michael ichaey cal. you see rank and file members of congress leaving the capitol. they are done for the week. they're headed back loam to their hometown districts. a lot of folks focused on this negotiation right now but the reality is that the negotiations are taking place among just a very few, very high level people. i was talking to a few rank and file members yesterday who said they were frustrated there is not a whole lot for them to do, they are just sitting around here waiting for some break-through in these negotiations. they want something to do on the floor, in their offices and there is not much for them to sink their teeth into. now they're going into their district. leadership is goi
. >>> to washington now. the soap opera we call the fiscal cliff. before we get to our chief washington john harwood and the president is meeting with another grouch ceos, i need to start with eamon javers on capitol hill where lawmakers are skipping down early for a long weekend. eamon, wasn't thanksgiving just a couple weeks ago? >> it was. let me check michael ichaey cal. you see rank and file members of congress leaving the capitol. they are done for the week. they're headed...
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Jul 23, 2012
07/12
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has that fiscal -- as that fiscal cliff approaches, john harwood is live in the nation's capital with news for us. hi, john. >> reporter: hi, sue. we had a fiscal cliff of sorts last summer when the congress and the executive branch with a standoff over the debt limit. the general accounting office has a study of what the cost of the treasury saying that the delay in increasing the size of the debt limit cost the u.s. government $1.3 billion. it will cost more in the outyears. not a huge amount of money in the context of the federal budget, of course, but it's something to think about as we prepare for another round of brinksmanship with the fiscal cliff with the end of the year. we have got tax increases and budget cuts on the horizon, guys. >> thank you very much. ty? >>> the monday metals market close is coming up. plus a lot more from here on a really rough day for the bulls. a little less rough than it began. right now, the dow industrials down 130 points. the transports off 63 at 5,008. the s&p down about 1%, 15 points and nasdaq down 1.5% at 2882. before the break, a look at st
has that fiscal -- as that fiscal cliff approaches, john harwood is live in the nation's capital with news for us. hi, john. >> reporter: hi, sue. we had a fiscal cliff of sorts last summer when the congress and the executive branch with a standoff over the debt limit. the general accounting office has a study of what the cost of the treasury saying that the delay in increasing the size of the debt limit cost the u.s. government $1.3 billion. it will cost more in the outyears. not a huge...
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Aug 3, 2012
08/12
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. >> if we go over the fiscal cliff, when's to blame? >> i think the politicians in washington are to blame for that. the sequestration threat of january 2nd with $1.2 trillion in cuts, half a billion dollars of the defense industry will be disastrous. i think president obama bares a lot of blame for not making sure that the super committee could find a viable alternative. >> mayor morial, who to blame going over the cliff? >> tyler, we are all going to be in the canoe and we are going to cascade down the waterfall. i don't think people are as concerned about who's fighting over the ore. the important thing is that devastating, deep cuts, not just in the defense budget, but in the domestic spending areas, could create much more unemployment than we already have and it's important that some sanity return and so, there's joint responsibility. there's co-owned i think responsibility when it comes to trying to find what the solution is but we're going to all be in the canoe together. >> right. it's that time year again, gentlemen. hall of fa
. >> if we go over the fiscal cliff, when's to blame? >> i think the politicians in washington are to blame for that. the sequestration threat of january 2nd with $1.2 trillion in cuts, half a billion dollars of the defense industry will be disastrous. i think president obama bares a lot of blame for not making sure that the super committee could find a viable alternative. >> mayor morial, who to blame going over the cliff? >> tyler, we are all going to be in the canoe...
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Oct 16, 2012
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the thing that people will have to focus on, things that will happen in the fiscal cliff. is there any sense they're making progress, the market takes off. >> you'll be with us sxwen agai few minutes. >> now to that bombshell rocking wall street. vikram pandit stepping down effective immediately. the bank's chief operating officer also out. it was clearly a board room showdown of a type we haven't seen often or recently on wall street. there's the stock up 48 cents. kayla tausche, i know pandit spoke with maria. how do you filter the story? >> two of the key things he said is that he had been considering resigning for some time now and that it was he who called mike o'neal yesterday to discuss this, but nonetheless, a few more details with habout how th communication went down. sources say there were a multitude of issues for thepand performance. among them, the shareholder revolt over the 2011 pay package and a write-down of over $34 billion $34 billion losses. i'm told the decision evolved over the last couple of weeks.34 billion losses. i'm told the decision evolved ove
the thing that people will have to focus on, things that will happen in the fiscal cliff. is there any sense they're making progress, the market takes off. >> you'll be with us sxwen agai few minutes. >> now to that bombshell rocking wall street. vikram pandit stepping down effective immediately. the bank's chief operating officer also out. it was clearly a board room showdown of a type we haven't seen often or recently on wall street. there's the stock up 48 cents. kayla tausche, i...
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Oct 12, 2012
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cliff? >> i don't think it is surprising. obviously they would rather talk about the problems in washington th and talk about things like whales as in bear stearns and muppets. these are the sort of problems that they've obviously been in the spotlight for. if they can portray themselves as more elder statesman as people who can help steer our economy to be voices of reason i think it obviously helps them and helps the barpging industry more broadly. >> these are two public spirited individuals. coming out and obviously beseeching congress and the white house to veer away from this collision course that we seem to be on. is anybody in washington listening to the common sense that both of those gentlemen are speaking? >> i'm not sure either the white house or any lawmakers are going to use as their big point that they like an idea because the head of jpmorgan or goldman sachs likes it. that said, both lloyd blankfein and jamie dimon have a lot of power and a lot of money, and they're now will
cliff? >> i don't think it is surprising. obviously they would rather talk about the problems in washington th and talk about things like whales as in bear stearns and muppets. these are the sort of problems that they've obviously been in the spotlight for. if they can portray themselves as more elder statesman as people who can help steer our economy to be voices of reason i think it obviously helps them and helps the barpging industry more broadly. >> these are two public spirited...
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Oct 15, 2012
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. >>> the most powerful person right now working to fix that looming fiscal cliff is someone you probably have never heard of. cnbc's eamon javers is live in washington, d.c. with more on this. who is the mystery woman, eamon? >> hi, sue. she's katherine wilde, the head of the partnership for new york city. she is not necessarily a household name, but she he hosting some important meetings up in new york city between business leaders and political leaders. because of her convening power she's been able to bring together an astonishing list of folks. look at some of the political figures that she has brought to her table just over the past two years, including treasury secretary tim geithner, house democratic leader nancy pelosi, senator rob portman, eric cantor, erskine bowles, alan simpson, all attending meetings convened by katherine wilde also on the business side, some of the co-hosts of these events include names lie rupert murdoch, ted mathis, lloyd blankfein and lloyd hutchens of silver lake. i asked her why with all of this experience, did she think there would be a deal this year
. >>> the most powerful person right now working to fix that looming fiscal cliff is someone you probably have never heard of. cnbc's eamon javers is live in washington, d.c. with more on this. who is the mystery woman, eamon? >> hi, sue. she's katherine wilde, the head of the partnership for new york city. she is not necessarily a household name, but she he hosting some important meetings up in new york city between business leaders and political leaders. because of her...
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May 10, 2012
05/12
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. >> yeah, sue, as washington and wall street increasingly focus on this fiscal cliff that's coming, the message from the fed has been pretty unanimous. fix it yourself and don't look to us to bail you out of what is a perfectly predictable and fixable problem. doves like chicago fed president charlie evans and hawks like richmond fed president jeffrey lack er put it on as major headwinds for the u.s. economy and they both want to see the fiscal side, the administration and congress fix it. but they differ on how the fed could react. lacker says the impediments to growth are factors which monetary policy is not the remedy. monetary policy will not reduce regulatory and fiscal uncertainty. fed chairman ben bernanke has not ruled out more quantitative easing, but he talked down that possibility in relation to offsetting the fiscal cliff at his press conference two weeks ago. >> if no action were to be taken by the fiscal authorities, the size of the fiscal cliff is such that there's i think absolutely no chance that the federal reserve could or would have any ability whatsoever to offs
. >> yeah, sue, as washington and wall street increasingly focus on this fiscal cliff that's coming, the message from the fed has been pretty unanimous. fix it yourself and don't look to us to bail you out of what is a perfectly predictable and fixable problem. doves like chicago fed president charlie evans and hawks like richmond fed president jeffrey lack er put it on as major headwinds for the u.s. economy and they both want to see the fiscal side, the administration and congress fix...
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Oct 10, 2012
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he warns legislators that going off the so-called fiscal cliff is an unacceptable option for the nation and the economy. >> there are all these potential outcomes. i would defy any one of you to really know what they are. therefore, it is irresponsible policy just to say, let's see. let's not see. i mean risk management says let's try to avoid that. >> dimon says he has even bigger issues with the tone in washington regarding american business right now. >> if you think that washington and business can go to war with each other and it is going to be good -- terrible error. i mean collaboration is what should happen. we should have had collaboration. we were in a crisis. every busy know wanted help to get things done and would have pulled together, worked around the clock but it became a war. now we're relitigating parts of those wars. dodd-frank and health care. it's all being relitigated. >> on the issue of collaboration, he talked about what's going on o in europe to try to stem the debt crisis. and he said, you know, the thing about europe is it has the will but not the way. we have
he warns legislators that going off the so-called fiscal cliff is an unacceptable option for the nation and the economy. >> there are all these potential outcomes. i would defy any one of you to really know what they are. therefore, it is irresponsible policy just to say, let's see. let's not see. i mean risk management says let's try to avoid that. >> dimon says he has even bigger issues with the tone in washington regarding american business right now. >> if you think that...
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Oct 9, 2012
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, including how we deem with the upcoming fiscal clif cliff. amon javers has more. >> let's see what the impact is likely to be or maybe not be on the fiscal cliff negotiations and start with the balance of power. not able to come to an agreement on the debt ceiling last year, they are not able to come to any agreement and the reason is partly because of that huge house republican freshman class of 87 members, 82 are running again for re-election, their fate, how they do in november, might impact debate, but only two are in tossup races, that means democrats have a hard time make a huge dent in the class. it is unlikely that the republican makeup is going to shift dramatically in the house of representatives going into the fiscal cliff negotiations this year and next year. i was talking to john harwood in the hallway before this, he made an interesting point, i want to bring to you, more determinative here maybe than this election can be the two years that these house freshmen spent in office as members over congress. that debt ceiling debate v
, including how we deem with the upcoming fiscal clif cliff. amon javers has more. >> let's see what the impact is likely to be or maybe not be on the fiscal cliff negotiations and start with the balance of power. not able to come to an agreement on the debt ceiling last year, they are not able to come to any agreement and the reason is partly because of that huge house republican freshman class of 87 members, 82 are running again for re-election, their fate, how they do in november,...
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Nov 26, 2012
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. >>> meantime, ty, state attorneys general have sounded the fiscal cliff alarm this well. 43 ags have sent a letter to congressional leadership's urging them to extend the tax relief on the mortgage debt forgiveness. diana olick has the letter and she joins us with washington with more of the details on that. hi, diana. >> sue, you're right. five largest banks in this nation have already wiped out more than $6 billion of mortgage principle debt for thousands of borrowers under that giant mortgage settle many that just went into effect early this year. they've also wiped out according to the monitor of the settlement more than $13 billion worth of debt involved in short sales. that, say the nation's state attorney general provide rerelief to homeowners trying to get back on their feet. that quote comes to a letter signed by 43 state ags urging congress to extend the mortgage debt relief act that's been in effect for the last five years but which expires at the end of next month. mortgage debt relief is usualally taxable. if it is not extended, all future debt relief -- that is your pri
. >>> meantime, ty, state attorneys general have sounded the fiscal cliff alarm this well. 43 ags have sent a letter to congressional leadership's urging them to extend the tax relief on the mortgage debt forgiveness. diana olick has the letter and she joins us with washington with more of the details on that. hi, diana. >> sue, you're right. five largest banks in this nation have already wiped out more than $6 billion of mortgage principle debt for thousands of borrowers under...